Corporate Governance

Corporate governance is the set of processes, customs, policies, laws and institutions that influence the way a corporation, or a company, is directed, run or controlled. It includes the relationships the company has with its many stakeholders, and its goals.

The principal stakeholders are the shareholder, the board of directors, executives, employees, customers, creditors, suppliers and the community at large.

Good corporate governance forms the basis of all the IDC's decision-making and monitoring processes and we subscribe to the highest standards of integrity in all our dealings.

The IDC is a registered development public finance institution established in terms of the Industrial Development Corporation Act (Act No 22, 1940 as amended) – the IDC Act.

• The Board of Directors conducts the IDC's business with integrity and in accordance with generally accepted corporate practices as contained in the King III Report.
• The IDC is also subject to the Public Finance Management Act (Act No 1 of 1999), which governes state-owned entities.
• Our annual report is presented to Parliament and is available to the public on request. 

Board of Directors

The corporation has a unitary Board of Directors with members who have broad business experience.

Committees of the board

Governance and Ethics Committee

The main purpose of this committee is to advise the board on corporate governance and ethics, and promote the ideals of corporate fairness, transparency and accountability. It also helps the board assess funding applications, projects and any other matter in which a director of the IDC has an interest.

Human Capital and Nomination Committee

This committee helps the board develop compensation policies, plans and performance goals. It also oversees succession planning and the overall human resource policies for all IDC employees.

Board Audit Committee

The overall objectives of this committee are to help the board discharge its duties relating to the safeguarding of assets, the operation of adequate system control procedures, and the preparation of accurate financial reporting and statements in compliance with all legal requirements and accounting standards.

Development and Innovation Committee

This committee helps the Board of Directors in considering sectoral research papers and strategies and making recommendations on a high level approach; as well as assessing project proposals and investment opportunities of a technical nature, in terms of pre-feasibility, feasibility and implementation.

Board Risk Management Committee

The core function of this committee is to help the Board of Directors identify key risk areas and key performance indicators in the IDC.

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